{"id":45704,"date":"2017-02-27T18:53:21","date_gmt":"2017-02-27T11:53:21","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=45704"},"modified":"2017-02-27T16:01:43","modified_gmt":"2017-02-27T09:01:43","slug":"uae-based-investors-save-millions-as-demand-for-london-property-surges","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uae-based-investors-save-millions-as-demand-for-london-property-surges\/","title":{"rendered":"UAE-based investors save millions as demand for London property surges"},"content":{"rendered":"


\nA new report reveals that currency shifts are driving a fresh wave of property buyers based in the Middle East who are targeting London real estate.Post-Brexit, changes in the dollar-sterling exchange rate generated significant price savings and investment opportunities for US dollar-pegged investors in London. In 2015, the average price of an ultra prime residential property in Mayfair, for instance, was US$5,306 per square foot, this has now dropped by 10.6 per cent to $4,741 per sqft currently, according to the annual Ultra Prime Barometer report by Beauchamp Estates, Leslie J Garfield and IItam Real Estate, together with Dataloft, a marketing intelligence group. A US dollar buyer purchasing a typical 3,900 sqft ultra prime apartment in Mayfair now pays $18.49 million, compared with $20.69m in 2015 – a saving of $2.2m, says the report. In contrast, for a multi-millionaire buying a Mayfair home in sterling, equivalent costs have risen 3.6 per cent from \u00c2\u00a33,719 (Dh16,948) per sq ft in 2015 to \u00c2\u00a33,853 per sq ft currently. Thus the same Mayfair apartment costs the sterling investor some \u00c2\u00a315.02m, up from \u00c2\u00a314.5m in 2015 – an extra \u00c2\u00a3522,600.Along with most countries in the Middle East being dollar pegged, including the UAE, Saudi Arabia, Jordan, Oman, Qatar, Lebanon and Bahrain, there is also the wealthy UAE-based Indian-diaspora business community whose wealth is US dollar based. “The 10.6 per cent drop in London real estate prices for dollar buyers therefore had considerable influence over the past six months on the pattern of enquiries and sales of ultra prime \u00c2\u00a35m-plus residential property sector in the UK capital,” the report says.”While enquiries and sales in prime central London from UK domestic buyers has remained relatively stagnant, over the past six months enquiries from Middle East and Asian investors have risen 15 per cent and purchases in prime central London are up 10 per cent; while enquiries and sales from UAE-based Indian buyers is up 10 per cent and 5 per cent, respectively.”Middle East purchasers typically spend anything between \u00c2\u00a35m to \u00c2\u00a360m buying lateral apartments or houses in Mayfair, Knightsbridge or Belgravia, the report says.Middle East-based expat Indian buyers tend to invest between \u00c2\u00a32m to \u00c2\u00a320m, with the majority choosing to buy London pied-\u00c3\u00a0-terre homes in Mayfair or Belgravia, with Grosvenor Square and Eaton Square being the favoured addresses, respectively. Ninety-five per cent of dollar pegged Asian investors, such as those in Hong Kong and Macau, buy for investment, spending \u00c2\u00a3500,000 to \u00c2\u00a31.5m in new build projects along the River Thames or around Canary Wharf, the other 5 per cent typically invest \u00c2\u00a35m to \u00c2\u00a325m buying homes for end use in Mayfair or Belgravia, the report adds.Meanwhile, cash-strapped Londoners looking to invest in property might find the UAE is a more enticing proposition. Harrods, the famous department store in London’s upmarket Knightsbridge, is offering apartments in the new Downtown Views development, by Emaar Properties, directly linked to The Dubai Mall, the world’s largest retail centre.The Downtown Views initiative part of the recently launched Emaar Properties 2017 showcase in Harrods on the 2nd floor of the department store, which is open daily until August 31.The latest showcase, following a similar opening last year, features homes at the development just off Sheikh Zayed Road. Downtown Views is a new 55 storey residential apartment tower with more than 400 luxury one, two and three bedroom apartments, located in the upcoming extension of The Dubai Mall. Apartment residents will have direct access to the mall via a 500 metre overhead bridge which will connect the leisure podium at the base of the apartment tower with the shopping mall.Apartments at Downtown Views are priced from \u00c2\u00a3270,600. chnelson@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…UAE-based investors save millions as demand for London property surges<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A new report reveals that currency shifts are driving a fresh wave of property buyers...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-45704","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bTa","jetpack-related-posts":[{"id":45746,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-house-market-returns-to-tempt-international-buyers\/","url_meta":{"origin":45704,"position":0},"title":"London house market returns to tempt international buyers","date":"February 28, 2017","format":false,"excerpt":"\r London's prime housing market could be starting to bottom out after two years of house price falls as a slump in the value of sterling and big discounts from sellers tempt international investors back into the market, property brokers say. According to JLL, a better-than-expected economic performance in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54829,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-luxury-living-in-a-right-royal-residence\/","url_meta":{"origin":45704,"position":1},"title":"London luxury living in a right royal residence","date":"May 15, 2017","format":false,"excerpt":"\r Chris NelsonIf you have ever felt that the noisy neighbours were just too noisy, perhaps living next door to British royalty would provide a more sedate existance.And who more sedate than Queen Elizabeth II?The Buckingham at 7-9 Buckingham Gate is a new ultra-prime residential scheme of six two and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51797,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-london-home-buyers-turn-to-marylebone\/","url_meta":{"origin":45704,"position":2},"title":"Luxury London home buyers turn to Marylebone","date":"April 13, 2017","format":false,"excerpt":"\r While the more traditional high-end London property areas such as Knightsbridge and Chelsea have seen prices stagnate or fall over the past 12 months, a relatively new kid on the block has taken top slot as best performer in prime central London (PCL) homes - and buyers from the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/Bsbb3yxXzW0\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":53485,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-london-property-a-growing-headache-for-foreign-investors\/","url_meta":{"origin":45704,"position":3},"title":"Luxury London property a growing headache for foreign investors","date":"May 2, 2017","format":false,"excerpt":"\r For overseas investors in luxury London developments, tumbling sales and slowing value growth of new-build and established homes makes for dismal reading - and it does not look like improving any time soon.Years of overpricing is hurting the market in ultra-prime areas such as Mayfair, while new luxury developments\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18884,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-address-still-desirable-for-gulf-investors-despite-brexit\/","url_meta":{"origin":45704,"position":4},"title":"London address still desirable for Gulf investors despite Brexit","date":"July 6, 2016","format":false,"excerpt":"\r LONDON \/\/ Markets hate uncertainty. But for the brave, uncertain markets are a golden opportunity.Two weeks after the UK's historic vote to cut ties with the EU, there are quite a few overseas investors who are considering that now might be an ideal time to buy that sought-after second\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":602,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-apartment-claims-most-expensive-title-in-asia\/","url_meta":{"origin":45704,"position":5},"title":"Hong Kong apartment claims \u2018most expensive\u2019 title in Asia","date":"December 28, 2015","format":false,"excerpt":"\r It sold for USD76\u00a0million The 39 Conduit Road development by Henderson Land Properties The ultra-affluent Mid Levels neighbourhood in Hong Kong is thought to be the location of the newest most expensive apartment in Asia after a luxury duplex there sold for HKD590 million (USD76 million) last week, reports\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2015\/12\/Screenshot-2015-12-28-09.24.55-740x357.png?fit=740%2C357&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/45704"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=45704"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/45704\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=45704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=45704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=45704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}